Arizona Estate Planning Laws

Probate is the legal process that confirms who is entitled to your property when you die and provides someone with the authority to transfer real estate, bank accounts, investments, and any other property you own that requires proof of ownership before it can be transferred. You can avoid probate if all of your important assets pass by operation of law. Property can pass by operation of law in one of the following six ways: beneficiary designations for retirement accounts, life insurance, and annuities, two, joint bank accounts, three, rights of survivorship and real property, four, other contractual rights, five, POD or TOD designations on bank or investment accounts, and six, beneficiary deeds for real property. You can also avoid probate, but not administration of your assets if you have a living trust. Whether avoiding probate or administration is a good idea depends on your particular circumstances. I’m Mark Bregman. Contact me at (480) 945-9131 to find out how I can use my knowledge and experience to help you choose the best estate plan.

By: Attorney Mark Bregman

A living trust is a popular tool used to avoid a probate proceeding, provide creditor protection to a surviving spouse, keep your financial information private, and allow you to avoid a conservatorship and direct who will handle your finances if you are unable to do so yourself. It allows you to give your wealth to who you want, when you want, and how you want all at the lowest possible cost including taxes, expenses, and professional fees. I’m Mark Bregman. Contact me at (480) 945-9131 to find out more about creating your own affordable estate plan.

By: Attorney Mark Bregman

Adult Conservatorships

I want to speak to you today regarding adult conservatorships in the state of Arizona. An adult conservatorship occurs when a person is no longer able to provide for their own care or who is unable to take care of their own finances.

A conservator may have the authority to determine where that person will live and will make arrangements for the person’s daily life, including the food they eat, the clothes they wear, the transportation to medical and other appointments and the social and recreational activities the person will enjoy. The conservator however, must obtain the court’s approval for certain decisions, such as decisions regarding medical care and living arrangements.

Please feel free to contact the attorneys at Hildebrand Law if you have any other questions regarding an adult conservatorship in Arizona.

By: Chris Hildebrand

How to Avoid Probate in Scottsdale

I want to speak to you today regarding how you may avoid probate in the state of Arizona. Since probate is a legal proceeding, lawyers may be retained to represent heirs of the person appointed to manage the person’s estate. Avoiding probate therefore, will likely save the estate and parties the attorneys fees and other costs incurred in a probate case.

Estate Planning

A properly executed estate plan, including a properly executed trust, funded with all of your property and appointing an executor to manage your estate will in most cases avoid the need for your heirs to be involved in a probate action in Arizona. Please feel free to contact the attorneys at Hildebrand Law, if you have any other questions on ways to avoid a probate in Arizona.

By: Chris Hildebrand

Estate planning is all about controlling your property while you are alive and well. Naming who takes care of you and your finances when you are unable to do so yourself, and providing for your loved ones after your gone the way you want, when you want, and how you want all at the lowest possible cost taking into consideration expenses, taxes, and fees. I’m Mark Bregman. Contact me at (480) 945-9131 to find out how I can use my experience to design a comfortable and affordable plan for you and your loved ones.

By: Attorney Mark Bregman

In the event that a person does not create an estate plan and nominate someone to take over his or her finances, and that person later becomes unable to manage their financial affairs, the state of Arizona has setup what is called a conservatorship. A conservatorship is a legal court proceeding for the person that is going to take over your finances must file a petition with the court to apply and qualify to become your conservator. If the court approves the person to become your conservator, the court will then issue an order granting that person the legal authority to transact business on your behalf, including your financial accounts, real estate, and motor vehicles. When someone is appointed by the court as a conservator, he or she must account to the court for the money that is spent on your behalf each year. What that means is, the conservator has to prepare and file an annual accounting and submit it to the court. It is then reviewed by the court accountant and either approved, or the court accountant can ask for further clarification. And, with each annual accounting, there is a filing fee that must be paid to the court to have the court accountant review the accounting. There is a very easy way to avoid all of this. All you have to do is contact Owens & Perkins to create an estate plan before you actually need it. Included in every estate plan is a financial power of attorney, where you get to select the individual or trust company that will manage your money if you become unable. If you would like to schedule a consultation to discuss either filing for a conservatorship, or to create your own estate plan, please call us at Owens & Perkins at (480) 994-8824.

If you are seeking a Conservatorship in Arizona, please visit this profile and submit a contact form.

By: Attorney Michelle Perkins

Living Wills in Scottsdale, Arizona

I want to speak to you today regarding what a living will is in the state of Arizona. A living will is a written statement containing a person’s directives as to the medical care they authorize, as well as the medical care they may refuse in the event they are ever incapacitated and unable to express their desires regarding that medical care.

Health Care Power of Attorney

People usually also create a health care power of attorney, designating a person authorized to make medical decisions for that person if he or she is incapacitated. It’s a good idea to execute a health care power of attorney in the event you’re living will fails to include an unexpected health care situation that simply was not covered in your living will. Please feel free to contact the attorneys at Hildebrand Law if you have any other questions regarding living wills in Arizona.

By: Chris Hildebrand

Typical estate planning documents include a living trust, a pour-over will, a living will, and powers of attorney for financial, health care, and mental health care decision-making. Tax planning, if needed, may include irrevocable trusts and asset protection may include LLCs, trusts, and careful planning. I’m Mark Bregman. Contact me at (480) 945-9131 to find out more about creating your own effective and affordable estate plan.

By: Attorney Mark Bregman

Trusts

I want to speak to you today regarding what a trust is in the state of Arizona. A trust is a legal document authorizing a third party, known as a trustee, to manage your income and assets for the benefit of your beneficiaries. It may either be a revocable, meaning the trust may be terminated, or irrevocable, meaning the trust may not be terminated and the income and assets must remain in the trust and manage according to the terms of the trust.

Benefits of a Trust

A properly executed trust may be used by a person to avoid probate of the estate after his or her death and to control the manner in which his or her wealth is distributed or managed for the benefit of the beneficiaries. There are also potential tax benefits and legal protections available from the creditors of your beneficiaries that are inherent in trusts. Please feel free to contact the attorneys at Hildebrand Law if you have any other questions regarding trusts in Arizona.

By: Chris Hildebrand